Spin-off of b2b Portal for Sheet Metal Industry
Jetcam International Holdings Ld
2 May 2000
JETCAM INTERNATIONAL HOLDINGS LIMITED
('JETCAM' or the 'Company')
Spin-off of b2b portal for the sheet metal industry
JETCAM develops and markets software systems for computer
programming of punching and cutting machines used in sheet
metal fabrication. The following statement was made today.
The Directors of JETCAM are pleased to announce that it has
reached agreement for the spin off of www.sheetmetalworld.com.
www.sheetmetalworld.com was originally created as a marketing
tool for the Company, alongside its own web site
(www.jetcam.net). The new structure is designed to provide
JETCAM with an initial cash payment, a significant stake in
the purchasing company along with an annual certain revenue
stream thus enabling its shareholders to participate in the
potential of the business without incurring the costs of
development.
Under the terms of the agreement, JETCAM has assigned all
intellectual property in the Internet web site owned and
developed by JETCAM and located at www.sheetmetalworld.com to
Sheetmetalworld.com Limited, a company formed for the purpose
of the transaction. The consideration for the assignment is
the allotment of 5,000,000 ordinary shares in
Sheetmetalworld.com Limited (equivalent to 45.5% of its issued
ordinary share capital, which is anticipated to fall to 38.4%
following a further placing to raise additional working
capital) and £150,000 in cash, approximately half of which
will be utilised in defraying the initial development costs of
the website. Sheetmetalworld.com Limited will also pay to
JETCAM an annual fee of £125,000 for the provision of advisory
and management services in relation to the web site for an
initial term of three years.
JETCAM will continue to provide its expertise specifically
related to the sheet metal processing industry. The benefits
to JETCAM shareholders will be an ongoing contribution to
profit and its continuing interest in Sheetmetalworld.com
Limited.
Ivan Stern, CEO, JETCAM International Holdings Limited,
commented:
'sheetmetalworld.com was launched initially to increase
awareness of JETCAM and to provide ancillary services in
support of our marketing activities. However, it quickly
became apparent that the opportunities for a web site of this
nature went well beyond our own requirements. With its own
momentum and proprietary content, sheetmetalworld.com has
enormous potential.
'Sheetmetalworld.com Limited will now have the resources to
develop its website while allowing our shareholders to share
in its success.'
ENQUIRIES
JETCAM International Holdings Limited
George Kynoch Tel: 0860 743425
John Wright Tel: 00 377 93507626
College Hill Tel: (00 44)20 7457 2020
Nicola Weiner
Chelsea Allen
John East & Partners Limited Tel: (00 44)20 7628 2200
John East
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